Smith, Stainstreet and Company Limited (Acquisition and Transfer of Undertakings) Act,1977

Act No : 41

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Section : PENALTIES

SECTION 27: PENALTIES

Any person who,-

(a) having in his possession, custody or control any property forming part of the undertakings of the Company wrongfully withholds such property from the Central Government or the Government company or any person or body of persons authorised by that Government or Government company; or

(b) wrongfully obtains possession, of or retains, any property forming part of the undertakings of the Company or wilfully withholds or fails to furnish to the Central Government, or the Government company or any person or body of persons authorised by that Government or Government, company any document relating to such undertakings which may be in his possession, custody or control or fails to deliver to the Central Government or the Government company or any person or body of persons authorised by that Government or Government company, any assets, books of accounts, registers or other documents in his possession custody or control relating to the undertakings of the Company: or

(c) wrongfully removes or destroys any property forming part of the undertakings of the Company or prefers any claim under this Act which he knows or has reasonable cause to believe to be false or grossly inaccurate, shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to ten thousand rupees, or with both.

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